Republic Services, Inc. Reports Record Earnings for 2006
In reporting positive quarterly and year-end results, Republic Services' Chairman James E. O'Connor proclaimed that the company had crossed the $3 billion mark for the first time. 2006 earnings per share increased by 18 percent aided by higher revenues and operating margins. Fourth quarter net income reached $66.9 million, or 51 cents per share, compared with $60 million, or 43 cents per share, a year earlier. Revenues rose to $766.2 million from $738.1 million...Read More »
Veolia Environnement Reports 12% Jump in Revenues for 2006
Veolia Environnement SA (VE) reported a 11.9% jump in revenue for 2006 fueled by new contracts and acquisitions, and confirmed its 8% to 10% revenue growth target for the full year. Revenue increased to €28.62 billion from €25.24 billion in 2005. Veolia last summer bought Cleanaway for €859 million. Chief Financial Officer Jerome Contamine also confirmed that Veolia was looking to buy Houston-based water treatment company Synagro Technologies (SYGR) which recently agreed to be acquired by The Carlyle Group...Read More »
The Carlyle Group to Acquire Synagro Technologies For $5.76 Per Share
Synagro Technologies, a wastewater treatment plant operator, agreed to be acquired by private equity firm The Carlyle Group for $447.5 million in cash including the assumption of roughly $310 million in debt. Under the terms of the agreement, Synagro shareholders will receive $5.76 per share in cash. The consideration represents a 29% premium to the stock's recent closing price. Upon completion, Synagro Technologies' common stock will cease to be publicly-traded and the Company will be a wholly-owned subsidiary of a Carlyle affiliate. The transaction is expected to close in the second quarter of 2007...Read More »
Casella Might Lose its Hardwick, Mass. Landfill
Casella Waste Systems, Inc. (Nasdaq: CWST) announced that their Hardwick, MA landfill had failed to garner a two-thirds vote to remain in operation after Feb. 4, 2007. Even though the landfill has a carrying value of $25 million, management is not concerned about any impact on 2007 revenues or earnings. Nevertheless, the company is pursuing legal options and considering other appropriate steps to keep the landfill...Read More »
U.S. Firm Employs NAFTA to Sue Canada over Failed Toronto Waste Plan
According to The Globe and Mail, Pennsylvania investor Vito G. Gallo plans to sue Canada for $355 million, alleging Ontario unfairly shut down a plan to have a mine serve as a landfill site for Toronto garbage. Gallo alleges the Ontario government's 2004 move to ban dumping at the Adams Mine site in Kirkland Lake was tantamount to expropriation...Read More »
Veolia Wins 17-Year Waste-to-Energy Contract in Pinellas County, FL
Veolia won a 17-year waste-to-energy contract to operate The Pinellas County waste-to-energy facility in St. Petersburg. The deal is worth an estimated $615 million over the life of the contract. It represents a defeat for Wheelabrator, which will relinquish control on May 6, 2007 when its contract expires...Read More »
Bowater Inc. to Merge with Abitibi-Consolidated to Form Global Leader in Paper
U.S. paper company Bowater Inc. plans to buy Canadian peer Abitibi-Consolidated Inc., a deal that will create North America's largest newsprint maker, the third-largest North American paper company and eighth-largest in the world. Despite being structured as a merger of equals, the new company will be 52 per cent controlled by Bowater shareholders. Abitibi president and chief executive officer John Weaver will become executive chair of AbitibiBowater, and Bowater chair, president and CEO David Paterson will serve as the combined company's president and CEO...Read More »
Waste Industries USA, Inc.'s CEO Jim Perry Named as NSWMA Chairman
National Solid Wastes Management Association ("NSWMA") has elected Waste Industries USA, Inc. President and CEO, Jim W. Perry to Chair its Board of Governors. Perry has served on the Board of NSWMA for many years and since 2002 has also served on the Board of Trustees of the Environmental Industry Associations, NSWMA's parent...Read More »
Waste Management Appoints New Senior Vice President of People
Waste Management announced the appointment of Jay Romans as Senior Vice President, People. CEO David Steiner indicates that Romans' appointment is part of a broader strategy to solidify employee commitment as a means to differentiate themselves from the competition and enhance customer relationships ostensibly through more consistency. Romans comes from the St. Joe Company, a real estate development company...Read More »
Covanta Prices Stock and Debentures Offering at $325 Million
Covanta Holding Corp. said that it priced its offering of $325 million of 1 percent senior convertible debentures due 2027 at a conversion price of $28.20 per share. In addition, the waste-to-energy and specialty insurance company said in a statement that it had priced its offering of about 5.3 million common shares at $23.50 a share. The offerings are part of its previously announced recapitalization plan...Read More »
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